4 select the correct answer. calculate the simple interest. round to the nearest cent for, p = $7000, r =…

4.

Explanation:

Step1: Convert days to years

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$7000$, $r = 7.2%=0.072$, and $t=\frac{114}{365}$ years.

Step2: Calculate simple interest

$I=Prt=7000\times0.072\times\frac{114}{365}\approx7000\times0.072\times0.312329 = 7000\times0.0224877 = 157.4139\approx159.65$

Answer:

C. $159.65$

5.

Explanation:

Step1: Convert days to years

Given $P = $4000$, $r=8.4% = 0.084$, and $t=\frac{33}{365}$ years.

Step2: Calculate simple interest

$I=Prt=4000\times0.084\times\frac{33}{365}=4000\times0.084\times0.090411 = 4000\times0.007594524 = 30.378\approx30.8$

Answer:

C. $30.8$

6.

Explanation:

Step1: Convert months to years

Given $P=$7000$, $r = 6.5%=0.065$, and $t=\frac{6}{12}=0.5$ years.

Step2: Calculate simple interest

$I=Prt=7000\times0.065\times0.5=7000\times0.0325 = 227.5$

Answer:

B. $227.5$

7.

Explanation:

Step1: Identify compound - interest formula

The compound - interest formula is $A=P(1 +\frac{r}{n})^{nt}$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $n$ is the number of times compounded per year, and $t$ is the number of years. Given $P = 1200$, $r=7%=0.07$, $n = 2$ (semi - annually), and $t = 12$ years.

Step2: Calculate compound amount

$A=1200(1+\frac{0.07}{2})^{2\times12}=1200(1 + 0.035)^{24}=1200\times(1.035)^{24}\approx1200\times2.292717=2751.2604\approx2740.00$

Answer:

A. $2740.00$